There is a growing number of individuals suffering from Alzheimer’s disease or dementia due to old age and DNA cells that begin to malfunction at a certain period of time. Being diagnosed with this disease is hard, stressful not to mention scary. But instead of wallowing in sadness, there is a way to create a strategy around this and secure your future while you still can. Alzheimer’s patients need to work out a sensible financial plan to protect themselves and their loved one during the progression of the disease.
In the United States alone there are 5.8 million individuals suffering from Alzheimer’s right now and the number is growing. Dementia another form of this disease is also being tackled by the Alzheimer’s Association. The number of patients who suffer from Alzheimer’s is expected to increase by 2050, this means that nearly 14 million Americans will be living with this disease unless scientific breakthroughs and advancements would be created according to Ruth Drew the director of information and support services for the Alzheimer’s Association.
As we all know Medicare offers very limited assistance and it could barely cover the needs of Alzheimers and dementia patients. The Medicare benefits given to patients would only cover the cost of the medication but not the full care and non-medical needs of people with Alzheimer’s. Battling with Alzheimer’s is no easy task, to lose the ability to think properly and create stable sources of income can take a toll on someone’s life. During the onset of Alzheimers and dementia, there are also other costs incurred that has to be taken into account. If you want to avoid becoming a burden to any of your family members so you can live a good legacy then you should definitely have a financial plan in place. You should discuss it with a person you trust so that when the time comes that you are no longer able to make sound decisions, someone could execute it for you.
What are the costs that Alzheimer’s Patients need to be prepared for?
One of the costly services that you will require on a long term basis is the caregiver costs. Long term care services will involve home-based services, assisted living and nursing home care. In the United States, a non-medical home health aide can cost you $22 per hour and $132 per day. For Adult day services it could go as high as $72 per day. Assisted living facilities could also reach as high as $48,000 per year. While a private room in a nursing home will cost you $100, 375 per year or more.
Not only that, but Alzheimer’s patients would also need to prepare for potential legal fees that could be incurred while you are dealing with Alzheimer’s disease and this involved the power of attorney for health care, a living will, and guardianship matters.
You need to be able to decide on a legal angle as soon as possible. Consult an expert law attorney who can do the estate planning for you as soon as possible. You should be able to fix the power of attorney and designate a legal authority to act on your behalf in the coming years as the Alzheimers begin to progress and take over your mind. This is a practical and wise thing to do, instead of creating unnecessary confusion in the family you should take care of your personal and financial affairs while you are still able. These legal fees could cost you $200 to $500 depending on its complexity and the number of estates you have and where you live.
Power of attorney for health care
Alzheimers patients also need a power of attorney for healthcare, the purpose is for someone to be able to make medical decisions for you. You should be able to sign a medical records release and the agent should be allowed to look at your medical records when making decisions according to the price. It is advisable to execute several originals of this POA and have on in your medical chart together with your primary care doctor and your dementia specialist. You should be able to have one min the long term care and another during the memory care facility and one with the agent named in the POA.
A Living will/standard will
Another thing you can fix while you still can is a living will. The living will acts as a medical power of attorney, except that a living will only control end-of-life decisions or the last days of a person’s life. A living will is necessary to create order when it comes to your ongoing medical care before you die. These steps will be very helpful especially when you are already in the advanced stage of the disease. You can also add in a Guardianship or conservatorship. This offers authority to someone else to create guided decisions when you can no longer create one for yourself. The cost of guardianship in the US is $1500 or more depending on the stipulations.
You need to have a solid financial plan in mind because during the progression of the Alzheimer’s disease you will also require a number of drugs and prescription medication and this could cost you $400 per month according to Consumer Reports. You also need to consider the personal care services and personal care items for your hygiene and its cost. Take into consideration the cost of home care assistance, the bathing, dressing as well as those who will administer your medication later on. Other things you also need to keep in mind is the Memory Care Units.
A Memory Care unit is designed for Alzheimer’s patients, whenever patients will feel anxious they can go in here for safety, security, and relaxation. Should you want this type of care later on you should be prepared to have at least $5400 per month so you can reside in a memory care unit.
Alzheimer’s patients are also given the option to go to a retirement home during the early stages of Dementia. A retirement home could cost up to $10,000 per month but will already include everything you need.
Assets and Personal Savings
Your diagnosis should alert you into dealing with the problem. After getting diagnosed with Alzheimer’s disease a proper financial plan should be set in place. The wise thing to do is to total up your savings and assets and see how you can fit your assets and savings into a financial plan that will pay for your care. Check your savings account, checkings account, certificate of deposits, money market funds, treasury bills, and notes as well as your stock and bond funds. Also, make sure to take into consideration how you will handle your real estate assets. You need to have a good back up plan so you won’t feel helpless during the progression of the disease.
You can also look into personal loans and government assistance programs that could benefit you. Visit https://www.bankrate.com/loans/how-to-manage-finances-after-alzheimers-diagnosis/ to learn more about how you can create a wise financial plan for when Alzheimer’s strike.
Remember to pray, and call on to the Lord Jesus Christ and be steadfast in your faith.
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